# CleanMax Q2 EBITDA rises 51% to ₹547.7 crore; Macquarie keeps Outperform with ₹1,700 target

> CleanMax reported Q2 FY27 EBITDA of ₹547.7 crore, up 51%, and net profit of ₹64.9 crore. Macquarie maintained Outperform with a ₹1,700 target.

- Published: 2026-11-04T04:55:42+00:00
- Section: Earnings & Results
- Author: News Desk
- URL: https://newsforagent.com/news/2026-11-04/cleanmax-q2-ebitda-macquarie-target
- Source: [CNBCTV18](https://www.cnbctv18.com/market/cleanmax-share-price-macquarie-sees-upside-to-fy27-estimates-sets-1700-target-q2-results-20026610.htm)

## Key takeaways

- CleanMax reported Q2 FY27 EBITDA of ₹547.7 crore, up 51% year-on-year, beating the consensus estimate of ₹436 crore.
- Net profit rose 82.3% to ₹64.9 crore, and revenue from operations grew 37% to ₹727.6 crore.
- Macquarie maintained an Outperform rating with a ₹1,700 target, citing upside risk to its FY27 estimates.
- CleanMax commissioned about 150 MW of power sales capacity in the quarter, taking total operational capacity to 3.6 GW.

[CleanMax](https://akta.pro/company-profiles/0000k8g/cleanmax) reported Q2 FY27 EBITDA of ₹547.7 crore, up 51% year-on-year, and net profit of ₹64.9 crore, up 82.3%, prompting Macquarie to maintain an Outperform rating with a ₹1,700 target. [CNBCTV18](https://www.cnbctv18.com/market/cleanmax-share-price-macquarie-sees-upside-to-fy27-estimates-sets-1700-target-q2-results-20026610.htm) reported the results and the brokerage's view on November 4, 2026. CleanMax is India's largest pureplay commercial and industrial renewable energy developer, building, owning and operating solar, wind, hybrid and battery storage projects for corporate and data center customers under long-term power purchase agreements across India, the Middle East and Southeast Asia.

## CleanMax's Q2 Beat and Macquarie's Target

Revenue from operations rose 37% to ₹727.6 crore from ₹530.6 crore a year earlier and was broadly in line with estimates. Reported EBITDA of ₹547.7 crore compared with ₹362.9 crore a year earlier and beat the consensus estimate of ₹436 crore; adjusted reported EBITDA was ₹553 crore, up 43%. Net profit of ₹64.9 crore compared with ₹35.6 crore and exceeded the estimated ₹42 crore.

Power sales revenue increased 67% to ₹604 crore at an 84% EBITDA margin, while renewable energy services revenue fell 24% to ₹123.6 crore at a 14.3% margin. CleanMax commissioned about 150 MW of power sales capacity in the quarter, lifting first-half additions to roughly 0.6 GW and total operational capacity to 3.6 GW. Macquarie said the company remains on track for its estimated 1.6 GW of capacity addition in FY27 and that first-half EBITDA presents an upside risk to its full-year estimates. The brokerage also cited CleanMax's customer relationships and multi-state regulatory capabilities as support for capturing commercial and industrial renewable demand.

## CleanMax's Capacity and Funding Record

According to akta.pro [company records](https://akta.pro/company-data), CleanMax serves more than 570 corporate businesses globally and held approximately 3.1 GW of operational and 5.7 GW of contracted capacity as of FY2025-26. The same records show a June 2026 partnership with Meta Platforms exceeding 900 MW of renewable capacity in India, including 837 MW of new solar and wind projects in Rajasthan and Karnataka, and a May 2026 funding round of $575 million in mixed domestic and international debt from a six-bank consortium across five special purpose vehicles.

## CleanMax's Earlier Guidance and Demand Signals

In August 2026, CleanMax set a target to add 1.5 GW of renewable capacity and reach over ₹3,000 crore of EBITDA by FY28, citing demand from data centers and AI infrastructure, The Times of India reported. In September 2026, CleanMax's Data & AI segment accounted for 42% of contracted renewable power sales capacity, up nearly tenfold in two years, the same outlet reported. Also in September 2026, founder Kuldeep Jain said 87% of capacity is in no-curtailment grids, NDTV Profit reported.

## CleanMax's FY28 EBITDA Guidance

CleanMax reiterated in its shareholder letter its guidance of ₹3,000 crore of EBITDA in FY28. For FY27, the company said it remains on track to commission more than 1.5 GW of capacity, compared with 1.4 GW in FY26. CleanMax reported its cost of borrowing at 8.33%, with about 53.7% of debt at fixed interest rates, and said it had secured solar cell supplies for the next six to nine months.

## Companies in this story

- [CleanMax company profile](https://akta.pro/company-profiles/0000k8g/cleanmax) · website: https://www.cleanmax.com

---
News for Agent · https://newsforagent.com/llms.txt